Nothing says summer like relaxing on the patio while the grill is fired up and now, our tenants at SMARTCAP, Inc. Bellevue Terrace Office Park can go from office chairs inside to comfy chairs outside, thanks to the patio refresh our Asset and Property Management teams just completed. Along with a new grill, we painted the patio, installed fire places, and purchased brand new furniture.
We aim to provide our tenants with the best amenities, so we partnered with interior designer Lisa Wiggins to turn the patio at Bell Terrace into an office oasis. Two tenant events have been booked already! Summer in Seattle comes and goes quickly, and we are so glad our tenants are making the most out of this outdoor space!
Bellevue's Office Market Slow but Steady
Bellevue continues to be the epicenter of office growth and development in the Puget Sound, with the breaking ground of a 484,000 SF office tower in downtown Bellevue announced on Friday. Patrinely Group revealed plans for “FOUR106”, which is slated to be a 21-story office building that includes 480,000 SF of office space and 6,500 SF of street-level retail. Matt Chamberlain, Patrinely Group’s Executive Vice President noted that this development “signifies the community’s excitement for growth and the city’s willingness to push forward new and future developments that will enhance the business-friendly landscape of downtown Bellevue."
Industrial Asset Near Paine Field Purchased by ElmTree Funds
The Puget Sound’s industrial market continues to thrive, and the rest of the country is taking note and advantage of the growth. St. Louis-based ElmTree Funds purchased an industrial asset located in Everett for $58.7mm, or nearly $244/sf. The building, which is fully leased to Collins Aerospace, is on more than 15 acres, totaling 240,500 sf. The location is also phenomenal, located amount other industrial and aerospace users such as Boeing and UTC Aerospace Systems, with Paine Field Airport located just north of the property, much like many of the SMARTCAP, Inc. properties that are located in Snohomish County.